Skincare Devices are used diagnosis and treatment of skin abnormalities and disorders such as eczema, psoriasis, acne, rosacea, ichthyosis, vitiligo, hives, seborrheic dermatitis, and others. Increasing prevalence of skin disorders, and new product approval is expected to drive the market growth during the forecast period. Furthermore, increasing demand for minimally invasive procedures along with increasing […]
Exploring Opportunities in the Global Skincare Devices Market
Skincare Devices are used diagnosis and treatment of skin abnormalities and disorders such as eczema, psoriasis, acne, rosacea, ichthyosis, vitiligo, hives, seborrheic dermatitis, and others. Increasing prevalence of skin disorders, and new product approval is expected to drive the market growth during the forecast period. Furthermore, increasing demand for minimally invasive procedures along with increasing demand for aesthetic procedures is also anticipated to assist the market growth.
Statistics:
The global skincare devices market is estimated to account for US$ 25,533.7 Mn in terms of value by the end of 2027.
Global Skincare Devices Market: Drivers
Increasing prevalence of skin disorders is expected to propel growth of the global skincare devices market over the forecast period. For instance, according to Global Polaris Atlas Annual Report 2018-2019, the annual incidence rate of psoriasis was 280 per 100,000 person-years during 2017 and the prevalence of the disease witnessed an increasing trend (from 2.5% in 2011 to 3.9% in 2017).
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Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
Significant growth in medical tourism in emerging economies is expected to offer lucrative growth opportunities for players in the global skincare devices market. For instance, according to India Brand Equity Foundation’s January 2019 release, the estimated Foreign Tourist Arrivals (FTAs) in India on medical purpose during the years 2015, 2016, and 2017 were 2,33,918, 4,27,014, and 4,95,056 respectively.
Moreover, geographical expansion of market players is also expected to aid in growth of the market. For instance, in October 2019, InMode Ltd. completed the establishment of two new subsidiaries in the Asia Pacific region – InMode India, located in Delhi, and InMode Australia, located in Sydney.
Statistics:
The global skincare devices market was valued at US$ 11,752.2 Mn in 2019 and is forecast to reach a value of US$ 25,533.7 Mn by 2027 at a CAGR of 10.2% between 2020 and 2027.
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Market Trends/Key Takeaways
The market is witnessing increasing preference for nonsurgical cosmetic treatments among men. For instance, in June 2019, RealSelf, an online resource to learn about aesthetic procedures and connect with the doctors who provide them, reported 6% increase in the number of men researching for nonsurgical cosmetic treatments in 2019, compared to 2018.
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in January 2020, InMode Ltd. launched Evoke, a non-invasive, RF-based platform for facial remodeling. It is a hands-free device that addresses patient aesthetic concerns with uniform and controlled heating of the skin and subdermal tissue.
Global Skincare Devices Market: Competitive Landscape
Major players operating in the global skincare devices market include, Alma Lasers, Ltd., InMode Ltd., Cutera, Inc., Cynosure, Inc., Lumenis, Ltd., Hologic, Inc., Michelson Diagnostics Ltd., PhotoMedex, Inc., Solta Medical International Inc., and Syneron Medical Ltd.
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Global Skincare Devices Market: Key Developments
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in March 2020, Lumenis Ltd. launched Stellar M22 used for the treatment of vascular lesions, skin texture, tone, and hair removal.
Major players in the market are also focused on investing R&D to expand their product portfolio. For instance, in February 2019, Alma Lasers launched new innovation center in Caesarea industrial park, Israel.
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